Renesas to secure 633 million USD support?

Editor: Staff Editor

Major shareholders in Renesas have reportedly agreed to provide the struggling company with 633 million USD support package.

According to Reuters, sources indicate that Hitachi and Mitsubishi Electric, which own a combined 55 percent stake in the chipmaker, would provide loans to the company. In addition Renesas will secure 50 billion yen in credit line support.

NEC would also support the company in a similar way. Reuters said the deal is expected to be closed by the end of next week.

The companies confirmed that the will support Renesas but have not released further details.